Analysis of Canadian PIPE issuance for 13 months through December 2013

Columns are amount in billions of dollars, count of deals, percentage of total in dollars.

Proceeds

	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Less than $1 million	0.008	0.005	0.002	0.003	0.002	0.001	0.001	0.003	0.002	0.002	0.003	0.004	0.004
$1-1.99 million	0.041	0.025	0.024	0.020	0.025	0.024	0.020	0.019	0.026	0.021	0.017	0.030	0.033
$2-2.99 million	0.039	0.015	0.020	0.020	0.022	0.021	0.011	0.016	0.020	0.018	0.017	0.016	0.019
$3-4.99 million	0.037	0.030	0.028	0.012	0.030	0.013	0.025	0.021	0.031	0.014	0.033	0.033	0.039
$5-9.99 million	0.051	0.030	0.052	0.073	0.099	0.059	0.071	0.086	0.033	0.030	0.024	0.046	0.057
$10-14.99 million	0	0.022	0.037	0.047	0.026	0.026	0.033	0.061	0.022	0.022	0.064	0.010	0.025
$15-$49.99 million	0.086	0.109	0.124	0.212	0.203	0.120	0.110	0	0.079	0.097	0.049	0.111	0.158
$50 million and higher	0.400	0	0	0.719	0.052	0.301	0.100	0.500	0	0.181	0.466	0	0.206
Total	0.662	0.235	0.287	1.107	0.458	0.564	0.370	0.707	0.212	0.384	0.673	0.252	0.540
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.010	12	0.003	5	0.007	15	0.011	18	0.031	50	0.039	64	0.031	50	0.54%
$1-1.99 million	0.070	52	0.069	55	0.066	51	0.080	60	0.285	218	0.326	250	0.285	218	4.92%
$2-2.99 million	0.056	25	0.054	23	0.053	23	0.052	23	0.215	94	0.253	111	0.215	94	3.71%
$3-4.99 million	0.070	20	0.068	19	0.065	19	0.106	29	0.309	87	0.346	98	0.309	87	5.34%
$5-9.99 million	0.155	24	0.229	36	0.149	23	0.128	20	0.660	103	0.711	111	0.660	103	11.40%
$10-14.99 million	0.106	9	0.085	7	0.105	10	0.099	8	0.395	34	0.395	34	0.395	34	6.82%
$15-$49.99 million	0.445	17	0.433	16	0.176	9	0.319	13	1.372	55	1.458	58	1.372	55	23.70%
$50 million and higher	0.719	3	0.452	3	0.681	3	0.672	2	2.524	11	2.924	12	2.524	11	43.59%
Total	1.629	162	1.392	164	1.303	153	1.466	173	5.790	652	6.452	738	5.790	652	100.00%
Type
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
convertible notes	0.003	0.019	0.015	0.037	0.068	0.027	0.136	0.036	0.024	0	0.016	0.021	0.215
notes with stock	0	0	0	0.010	0	0	0	0	0	0	0	0	0
notes with warrants	0.030	0	0	0	0	0	0	0.008	0	0.030	0	0	0.025
stock	0.528	0.136	0.111	0.981	0.289	0.459	0.161	0.588	0.107	0.281	0.575	0.167	0.154
units of stock and warrants	0.101	0.080	0.160	0.079	0.101	0.079	0.074	0.075	0.081	0.073	0.082	0.064	0.146
Total	0.662	0.235	0.287	1.107	0.458	0.564	0.370	0.707	0.212	0.384	0.673	0.252	0.540
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.072	13	0.231	13	0.060	9	0.252	17	0.615	52	0.618	53	0.615	52	10.62%
notes with stock	0.010	1	0	0	0	0	0	0	0.010	1	0.010	1	0.010	1	0.17%
notes with warrants	0	0	0	0	0.038	2	0.025	1	0.063	3	0.093	4	0.063	3	1.09%
stock	1.229	58	0.908	68	0.976	58	0.896	66	4.009	250	4.537	282	4.009	250	69.24%
units of stock and warrants	0.319	90	0.254	83	0.229	84	0.292	89	1.094	346	1.195	398	1.094	346	18.89%
Total	1.629	162	1.392	164	1.303	153	1.466	173	5.790	652	6.452	738	5.790	652	100.00%
Warrants
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Yes	0.124	0.079	0.180	0.08	0.105	0.08	0.110	0.089	0.107	0.114	0.098	0.065	0.177
No	0.538	0.156	0.107	1.027	0.353	0.484	0.261	0.618	0.105	0.27	0.576	0.187	0.363
Total	0.662	0.235	0.287	1.107	0.458	0.564	0.370	0.707	0.212	0.384	0.673	0.252	0.540
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.339	93	0.294	88	0.310	93	0.340	95	1.282	369	1.407	420	1.282	369	22.14%
No	1.291	69	1.098	76	0.994	60	1.126	78	4.508	283	5.046	318	4.508	283	77.86%
Total	1.629	162	1.392	164	1.303	153	1.466	173	5.790	652	6.452	738	5.790	652	100.00%
Use of Proceeds
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Acquisition	0.004	0.002	0.010	0.09	0.015	0.347	0	0.516	0.003	0.016	0.030	0.012	0.213
Capex	0.164	0.046	0.117	0.067	0.274	0.14	0.086	0.071	0.087	0.131	0.517	0.117	0.114
GCP	0.449	0.097	0.077	0.145	0.086	0.023	0.092	0.048	0.065	0.158	0.055	0.061	0.025
Refinance	0	0	0	0	0	0	0.105	0	0.005	0.002	0	0	0.033
Multiple/Other/NA	0.045	0.089	0.083	0.805	0.082	0.054	0.088	0.072	0.053	0.077	0.071	0.062	0.155
Total	0.662	0.235	0.287	1.107	0.458	0.564	0.370	0.707	0.212	0.384	0.673	0.252	0.540
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.102	9	0.362	5	0.535	6	0.255	9	1.253	29	1.258	31	1.253	29	21.64%
Capex	0.230	52	0.500	89	0.290	65	0.747	79	1.767	285	1.931	337	1.767	285	30.52%
GCP	0.320	55	0.201	31	0.270	40	0.142	38	0.934	164	1.383	186	0.934	164	16.13%
Refinance	0	0	0.105	2	0.007	3	0.033	1	0.145	6	0.145	6	0.145	6	2.50%
Multiple/Other/NA	0.977	46	0.224	37	0.201	39	0.289	46	1.691	168	1.736	178	1.691	168	29.21%
Total	1.629	162	1.392	164	1.303	153	1.466	173	5.790	652	6.452	738	5.790	652	100.00%
Industry Sector (by SIC code)
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0	0	0	0.006
Mining (1xxx)	0.208	0.157	0.189	0.125	0.246	0.14	0.142	0.12	0.142	0.164	0.125	0.159	0.194
Oil and gas (13xx)	0.420	0.02	0.066	0.245	0.047	0.055	0.130	0.019	0.037	0.11	0.498	0.026	0.072
Construction (15xx)	0	0	0.001	0	0.004	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.005	0.002	0.019	0.027	0.052	0.008	0.008	0.006	0.011	0.049	0.005	0.032	0.014
Pharmaceuticals (2834-6)	0.008	0.002	0.002	0.006	0.010	0.004	0.020	0	0.003	0.018	0.021	0.001	0.033
Communications (48xx)	0.003	0	0	0.009	0	0	0.004	0.011	0	0	0.013	0	0
Electric, gas, sanitary services (49xx)	0	0.011	0.005	0.003	0	0.002	0.001	0.002	0	0.002	0.003	0.002	0.206
Wholesale (5xxx)	0	0.003	0	0.03	0	0	0	0.503	0.004	0.001	0	0.002	0
Finance, insurance, real estate (6xxx)	0.010	0.002	0.002	0.649	0.009	0.354	0.001	0	0	0.03	0	0.01	0
Services (7xxx)	0.006	0.037	0.003	0.01	0.068	0.002	0.050	0.037	0.004	0.001	0.005	0.01	0.007
Health services (8xxx)	0.001	0.001	0	0.001	0.011	0	0.003	0.003	0.003	0.005	0.005	0.006	0.008
Non-operating (9995)	0.001	0	0.002	0.002	0.011	0	0.013	0.006	0.010	0.002	0	0.004	0
Total	0.662	0.235	0.287	1.107	0.458	0.564	0.370	0.707	0.212	0.384	0.673	0.252	0.540
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0	0	0.006	1	0.006	1	0.006	1	0.006	1	0.10%
Mining (1xxx)	0.471	97	0.527	101	0.427	89	0.478	99	1.903	386	2.111	449	1.903	386	32.87%
Oil and gas (13xx)	0.331	23	0.232	22	0.166	19	0.595	31	1.325	95	1.745	106	1.325	95	22.88%
Construction (15xx)	0.001	1	0.004	1	0	0	0	0	0.005	2	0.005	2	0.005	2	0.09%
Manufacturing (2xxx, 3xxx)	0.048	12	0.067	9	0.065	9	0.051	10	0.232	40	0.237	43	0.232	40	4.01%
Pharmaceuticals (2834-6)	0.009	3	0.033	7	0.021	6	0.055	5	0.118	21	0.126	22	0.118	21	2.04%
Communications (48xx)	0.009	1	0.004	1	0.011	1	0.013	1	0.036	4	0.038	5	0.036	4	0.62%
Electric, gas, sanitary services (49xx)	0.019	3	0.003	2	0.004	2	0.210	4	0.236	11	0.236	11	0.236	11	4.08%
Wholesale (5xxx)	0.033	3	0	0	0.508	5	0.002	1	0.543	9	0.543	9	0.543	9	9.38%
Finance, insurance, real estate (6xxx)	0.653	6	0.365	6	0.030	2	0.010	5	1.057	19	1.067	22	1.057	19	18.26%
Services (7xxx)	0.050	9	0.119	7	0.043	9	0.022	10	0.234	35	0.240	37	0.234	35	4.04%
Health services (8xxx)	0.002	2	0.014	3	0.011	5	0.019	4	0.046	14	0.047	15	0.046	14	0.79%
Non-operating (9995)	0.004	2	0.024	5	0.018	6	0.004	2	0.050	15	0.052	16	0.050	15	0.86%
Total	1.629	162	1.392	164	1.303	153	1.466	173	5.790	652	6.452	738	5.790	652	100.00%

Criteria

• The tables include all Canadian dollar-denominated offerings sold as private placements.

• Stock must be listed on a Canadian exchange.

• Offerings are included in the time period in which they price, if known, otherwise by settlement date or announcement date.

• Amounts are based on the total sales price (face amount or number of shares multiplied by the offering price).

• Each tranche is counted as a separate deal.

• Includes stock, securities convertible into stock, units of these securities and equity lines of credit.

• Minimum issue size $1 million (all tranches combined).

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